Telus Corporation http://www.alacrastore.com/company-snapshot/Telus_Corporation-1002504 Friday, January 09, 2009 4:38:58 AM 1002504 Telus Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/420746_report_framefitch/420746_report_framepdfALLTEL CorporationAmerican Tower CorporationAT&T Inc.BCE Inc.Cablevision Systems CorporationCentennial Communications CorporationCharter Communications, Inc.Cincinnati Bell Inc.Cogeco Cable Inc.Comcast CorporationCox Communications, Inc.Directv Holdings LLCDISH Network Corp.Embarq CorpFairPoint Communications, Inc.Frontier Communications CorporationLevel 3 Communications, Inc.Mediacom Communications CorporationQwest Communications International, Inc.Rogers Communications Inc.Sprint Nextel CorpTelephone & Data Systems, Inc.Telus CorporationTime Warner Cable Inc.Verizon Communications, Inc.Windstream Corporation80088920800892638009020280090227800909178009100580091035800910478009115080091163800921268036146080618998806650228095066481199635813400688141630881459478816088938191253682762738827885248312423183314668867309261/8/2009 6:29:19 PM010000000103000001030400010307000104000001070000275Special ReportAMTBCECBBCCACHTRCMCSACVCCYCLDISHEQFRPFTRLVLTMCCCQRCI.BSTTDSTWCVZWIN420746_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/T2066309ccbn/T2066309norm...(audio starts in progress) available at the registration desk. And we also have some additional disclosures from TELUS -- John Wheeler.... 1/8/2009 10:05:02 AMTELUS106.0000FinalTELUS at Citi Global Entertainment, Media & Telecommunications Conference TranscriptTU3:20pm MTTranscriptT2066309Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/fitch/453832_pr_framefitch/453832_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.TELUS Communications Inc.Telus Corporation800921278009212612/17/2008 6:34:00 PM0103040001000000010400000103000085Press ReleaseT453832_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/78032cs/78032norm TELUS #### Financial Targets: Our Takeaways TELUS reaffirmed its longer term financial targets which include net debt to EBITDA of #.#-#.#x, a dividend payout ratio of ##-##% of sustainable net earnings, and credit ratings in the range...780322022YesD0Article944corp2251933Capital Structure12/17/2008 12:06:48 AM150TELUS provided updated guidance for 2008 as well as guidance for 2009, and we examine some of the key points from its announcement.78032Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B2050289ccbn/B2050289norm...Refining revenue guidance in Wireline and Wireless to low-end and just below low-end of previous guidance respectively.... 12/16/2008 2:05:00 PMTELUS54.0000EditedTELUS 2009 Targets Call SummaryTU11:00am ETBriefB2050289Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T2050289ccbn/T2050289norm...Good morning, ladies and gentlemen. Welcome to the TELUS #### target conference call. I would like to introduce your speaker, Mr. John Wheeler. Please go ahead. ... 12/16/2008 12:05:00 PMTELUS54.0000FinalTELUS 2009 Targets Call TranscriptTU11:00am ETTranscriptT2050289Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/688476spcred/688476normThe latest Full Report from S&Pglobal12/8/2008 6:40:00 PM400Full Report688476CanadaIntegrated Telecommunication ServicesCanadaEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyTelecommunications & CableFull ReportNationwide wireless provider, with a sizable 28% wireless subscriber share Leading wireline operator in western Canada and eastern Quebec Healthy mix of growth versus legacy revenues, and good revenue diversity among business and residential customers Still-solid profit margins and cash generation in the wireless operations Conservative financial policies and modest credit metrics Medium-term threat of increased wireless competition Shareholder-friendly policies preclude debt reduction Weakening profitability in the wireline operations Discretionary free cash flow weakens in 2009 from rising cash taxes and capital expenditures Modest Internet protocol TV defence to offset cable triple-play competition The ratings on Vancouver-based Telus Corp., Canada's second-largest, integrated telecommunications provider, reflect our view of the company's strong business risk profile, given its large and expanding nationwideCAN87971M50101020 501010 5010 50Telus Corp.346214CANEUROMIDAFRT@CNFULLCAN87971W87971Z87971B50101020 501010 5010 50Telus Communications Inc.349804CAN1566Z@CNGLOBISSCORPHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/688477spcred/688477normThe latest Summary from S&Pglobal12/8/2008 6:40:00 PM175Summary688477CanadaIntegrated Telecommunication ServicesCanadaEurope, Middle East, AfricaGlobal IssuersCorporationsHigh TechnologyTelecommunications & CableSummaryThe ratings on Vancouver-based Telus Corp., Canada's second-largest, integrated telecommunications provider, reflect our view of the company's strong business risk profile, given its large and expanding nationwide wireless operations; still-dominant position as the incumbent local telephone service provider in western Canada and eastern Quebec; and good diversity of revenues among business and residential customers. The ratings are also supported by the company's conservative debt leverage; solid, albeit weakening, cash flow protection measures; and healthy liquidity. Tempering factors in Standard&Poor's Ratings Services' opinion include a shareholder-friendly financial policy, which precludes debt reduction; management's willingness to pursue debt-financed strategic acquisitions; intensifying wireless competition; weakening wireline margins; and high capital expenditures. Telus is a major provider of wireless services in Canada,CAN87971M50101020 501010 5010 50Telus Corp.346214CANEUROMIDAFRT@CNSUMMARYGLOBISSCORPHighTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/77014cs/77014norm TELUS #Q## Tearsheet The company has a net leverage target of #.#-#.#x. Its leverage net total debt / LTM EBITDA was #.#x at the end of Q#:##, as calculated by the company. TELUS' financial targets for #### called for maintaining ratings...77014630YesC21Tearsheet944tearsheets/premium1912/2/2008 11:05:32 AM15077014Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/77402cs/77402norm Telecom & Suppliers Monthly Summary: December #### We review key themes published November. We update the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....150We summarize our investment thesis for companies under our coverage. We update the CDS valuation. In addition, we summarize and highlight changes and key points in research published in the month of November.774021551YesD0Article50207011626341333127121452242061944726223208251317489795218211976516419863131964corphy122519183642High Yield82Telecom & Suppliers Monthly Summary12/1/2008 12:06:32 AM77402Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/PRN-0001-29951028newstex/PRN-0001-29951028xml Nov. ##, #### (Canada NewsWire Group delivered by Newstex) -- TORONTO, Nov. ## /CNW/ -- Data & Audio Visual Enterprises Wireless Inc. (DAVE Wireless) announced today the appointment of David Dobbin as President of DAVE Wireless effective...09000000090150000400000004003000040030090400300704016000040160081100000011006000110060081100600611/27/2008 11:22:40 AM1800000018007000190000001900200019002012Canada NewsWire GroupPRN-0001-29951028TELUS CORPTUNewsNewstexhttp://www.alacrastore.com/storecontent/cs/77162cs/77162norm TELUS: Notes on Liquidity and the Commercial Paper Program We examine cash "uses" and cash "sources" at TELUS. Previously, we excluded the portion of the revolver which was a backstop for commercial paper from TELUS' available liquidity....771621571YesD9Spotlight944corp2251973Spotlight Reports33Capital Structure11/25/2008 10:05:51 AM500We examine TELUS' liquidity in detail and present a correction to our discussions in a prior presentation.77162Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/77091cs/77091norm Telecom & Suppliers CY#Q## Review: In a Few Short Weeks, How the World Has Changed... From our perspective, the most striking aspect of this past earnings season has been the dramatic change in market outlook from companies that reported...116272622321195176579521877631719643134891641corphy136191842High Yield66Earnings Reports - TMT33Capital Structure11/24/2008 12:07:28 AM150Recently, a wide range of tech companies' views on revenue became much more pessimistic. Component companies like semiconductor companies are facing much tougher conditions, while carriers have generally noted very limited economic impact.7709112111YesD0Article634502070214986206112719445224208277091Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76782cs/76782norm76782Conference Presentation: Telecom & Suppliers - Recession and Liquidity4345YesD0Article50207011626341333127121452242061944726223208251765317795218776489164198621191964313corphy118193642High Yield95TMT Webcasts & Presentations48Transcripts11/17/2008 9:06:00 PM150This is the presentation file and transcript of Ping Zhao's presentation at CreditSights' conference "Life After Leverage".76782Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/76500cs/76500norm TELUS #Q##: Lowering #### Guidance We believe the Q#:## results were largely mixed. The company lowered its guidance for the full year - which is clearly a big minus. Based on the results, it appears that competition in both wireline...765001113YesD0Article9442119776corp2251933Capital Structure66Earnings Reports - TMT11/10/2008 12:06:55 AM150The Q3:08 results were largely mixed, and the company lowered guidance. We also have to question whether management is being too confident in raising dividends and continuing the share buyback.76500Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T2019854ccbn/T2019854norm...Good morning, ladies and gentlemen. Welcome to the TELUS Third Quarter #### Earnings Conference Call. I would like to introduce your speaker, Mr. John Wheeler. Please go ahead. ... 11/10/2008 12:05:00 AMTELUS54.0000FinalTELUS Q3 2008 Earnings Conference Call TranscriptTU11:00am ETTranscriptT2019854Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/B2019854ccbn/B2019854norm...Accelerated adoption of smartphones, which is driving increased use of data services and to less extend increased data roaming revenues. ... 11/7/2008 3:06:00 PMTELUS54.0000EditedTELUS Q3 2008 Earnings Conference Call SummaryTU11:00am ETBriefB2019854Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/cs/76136cs/76136norm Telecom & Suppliers Monthly Summary: November #### We review key themes published in October. We examine the relative value of CDS in the telecom carrier and technology spaces. We summarize our views on companies within our coverage....761362148YesD0Article5020701162127121463472652242061223208294421197653172187767953139861641489196451corphy1191842High Yield33Capital Structure82Telecom & Suppliers Monthly Summary11/3/2008 12:07:35 AM150We summarize our investment thesis for companies under our coverage. In addition, we summarize and highlight changes and key points in research published in the month of October.76136Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/75314cs/75314norm Telecom & Suppliers: CY #Q## Earnings Preview (Part II) In this article, we examine the overall themes and issues for North American wireless and wireline service providers for the upcoming earnings season. Specific companies discussed...corphy225119303G/Wireless Technology33Capital Structure42High Yield66Earnings Reports - TMT10/17/2008 12:06:00 AM150In this article, we examine the issues and themes of the upcoming earnings for North American wireless and wireline carriers.753144086YesD0Article127198620617262249442237652119218795196477675314Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/75127cs/75127norm Initiating Coverage on TELUS (# of #): Stock, Bond, and CDS Valuation In this six-part series, we initiate coverage on TELUS. In this part # of the series, we discuss the valuation of TELUS' stock, bonds, and CDS. Previously, we published...751273360YesD9Spotlight94421212119776corp2251933Capital Structure73Spotlight Reports10/14/2008 11:07:55 AM500This 6th and final part of a 6 part series initiating coverage on TELUS presents our valuation of the company's stock, bonds, and CDS.75127Credit & Investment ResearchCreditSights